Oil Pushes Higher as Rally Gains Steam

摘要

Oil futures surged higher on Wednesday, posting a third straight day of gains amid hopes that the Covid-19 coronavirus’ spread is peaking as crude targeted a new set of key resistance points. Several traders and analysts said that a possible slowdown in the spread of the coronavirus has triggered a round of short covering as well as outright bullish sentiment. This has helped push oil into an upward trend from a technical perspective. Global benchmark Brent crude pushed past a key resistance point mid-session, and the next step higher would take it to $60 per barrel, according to traders with Icap Technical Analysis.